Natchez FHA Loan Rates, Closing Costs & Stats

Natchez, MS-LA

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Natchez's 16 lenders originated 59 FHA loans during 2023. The total origination value was $9,425,000, with an average FHA loan value of $159,746.

    Natchez FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Natchez averaged 7.03% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Natchez's average FHA mortgage closing costs are $6,579.

    The average rate for the prior week (2024-04-05) was 7.05% and one month ago for the week of 2024-03-08, the average rate was 6.69%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Natchez FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Natchez level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 24 7.08% $8,477
    FIDELITY BANK 7 7.04% $7,532
    QUICKEN LOANS, LLC 5 5.87% $9,537
    UNITED WHOLESALE MORTGAGE, LLC 5 7.50% $6,987
    GMFS LLC 3 6.63% $5,553
    Trustmark National Bank 2 6.79% $5,839
    NEWREZ LLC 1 6.75% $6,917
    PLANET HOME LENDING, LLC 1 7.00% $4,892
    Regions Bank 1 6.25% $7,381
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $6,553
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $9,550
    BancorpSouth 1 6.69% $5,270
    Bank of England 1 6.63% $7,475
    Equity Prime Mortgage LLC 1 5.88% $9,780
    Mortgage Research Center, LLC 1 7.63% $4,716
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $6,930

    The top Natchez FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 24 FHA loans originated. Their average total fees are $8,477, which is $945 higher than the next largest lender, FIDELITY BANK.

    The lowest fee Natchez FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($8,477), .

    The lowest rate Natchez FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC (7.08%), .

    Natchez FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NATCHEZ, MS-LA CONCORDIA 2022 $420,680 $538,650 $651,050 $809,150
    NATCHEZ, MS-LA ADAMS 2022 $420,680 $538,650 $651,050 $809,150
    NATCHEZ, MS-LA CONCORDIA 2023 $472,030 $604,400 $730,525 $907,900
    NATCHEZ, MS-LA ADAMS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Natchez (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $190,475 (24.0%) $248,597 (-0.9%) 0.00 279
    2018-02-01 $189,925 (26.7%) $248,289 (-0.1%) 0.00 291
    2018-03-01 $185,000 (23.4%) $244,847 (0.1%) 0.00 310
    2018-04-01 $185,000 (16.4%) $250,261 (3.2%) 0.00 335
    2018-05-01 $184,750 (6.7%) $246,499 (-4.5%) 0.00 328
    2018-06-01 $179,000 (1.2%) $245,712 (-3.0%) 0.00 358
    2018-07-01 $169,850 (-2.8%) $245,615 (1.1%) 0.00 374
    2018-08-01 $168,500 (-6.2%) $248,875 (-0.4%) 0.00 364
    2018-09-01 $172,500 (-6.8%) $258,701 (5.0%) 0.00 361
    2018-10-01 $179,250 (5.4%) $266,029 (9.2%) 0.00 355
    2018-11-01 $168,750 (-10.4%) $259,967 (3.6%) 0.00 350
    2018-12-01 $169,000 (-11.0%) $265,363 (7.1%) 0.00 327
    2019-01-01 $169,900 (-10.8%) $261,638 (5.3%) 0.00 305
    2019-02-01 $188,500 (-0.8%) $262,522 (5.7%) 0.00 310
    2019-03-01 $191,121 (3.3%) $271,873 (11.0%) 0.00 319
    2019-04-01 $189,974 (2.7%) $275,821 (10.2%) 0.00 335
    2019-05-01 $189,000 (2.3%) $264,620 (7.4%) 0.00 355
    2019-06-01 $186,000 (3.9%) $264,906 (7.8%) 0.00 363
    2019-07-01 $186,875 (10.0%) $267,186 (8.8%) 0.00 372
    2019-08-01 $183,727 (9.0%) $251,051 (0.9%) 0.00 366
    2019-09-01 $179,943 (4.3%) $245,413 (-5.1%) 0.00 360
    2019-10-01 $176,375 (-1.6%) $240,888 (-9.5%) 0.00 354
    2019-11-01 $177,100 (5.0%) $242,547 (-6.7%) 0.00 349
    2019-12-01 $175,000 (3.6%) $240,734 (-9.3%) 0.00 350
    2020-01-01 $175,500 (3.3%) $240,266 (-8.2%) 0.00 343
    2020-02-01 $183,250 (-2.8%) $242,167 (-7.8%) 0.00 356
    2020-03-01 $187,750 (-1.8%) $249,256 (-8.3%) 0.00 350
    2020-04-01 $188,500 (-0.8%) $246,660 (-10.6%) 0.00 320
    2020-05-01 $185,000 (-2.1%) $248,391 (-6.1%) 0.00 302
    2020-06-01 $196,250 (5.5%) $258,941 (-2.3%) 0.00 304
    2020-07-01 $197,125 (5.5%) $258,602 (-3.2%) 0.00 304
    2020-08-01 $193,750 (5.5%) $249,120 (-0.8%) 0.00 312
    2020-09-01 $186,250 (3.5%) $248,551 (1.3%) 0.00 317
    2020-10-01 $186,500 (5.7%) $260,440 (8.1%) 0.00 311
    2020-11-01 $189,250 (6.9%) $270,350 (11.5%) 0.00 282
    2020-12-01 $187,500 (7.1%) $265,284 (10.2%) 0.00 279
    2021-01-01 $191,000 (8.8%) $278,838 (16.1%) 0.00 256
    2021-02-01 $194,375 (6.1%) $284,281 (17.4%) 0.00 238
    2021-03-01 $187,500 (-0.1%) $288,226 (15.6%) 0.00 194
    2021-04-01 $180,000 (-4.5%) $286,302 (16.1%) 0.00 177
    2021-05-01 $179,000 (-3.2%) $287,890 (15.9%) 0.00 173
    2021-06-01 $184,438 (-6.0%) $289,923 (12.0%) 0.00 175
    2021-07-01 $187,000 (-5.1%) $306,749 (18.6%) 0.00 183
    2021-08-01 $187,500 (-3.2%) $302,217 (21.3%) 0.00 187
    2021-09-01 $199,000 (6.9%) $315,473 (26.9%) 0.00 168
    2021-10-01 $195,000 (4.6%) $311,609 (19.7%) 0.00 148
    2021-11-01 $185,000 (-2.3%) $314,034 (16.2%) 0.00 143
    2021-12-01 $176,000 (-6.1%) $308,434 (16.3%) 0.00 144
    2022-01-01 $182,500 (-4.5%) $330,762 (18.6%) 0.00 131
    2022-02-01 $185,000 (-4.8%) $348,007 (22.4%) 0.00 126
    2022-03-01 $197,250 (5.2%) $342,773 (18.9%) 0.00 136
    2022-04-01 $195,000 (8.3%) $332,664 (16.2%) 0.00 140
    2022-05-01 $192,125 (7.3%) $304,069 (5.6%) 0.00 140
    2022-06-01 $216,250 (17.3%) $322,398 (11.2%) 0.00 134
    2022-07-01 $210,000 (12.3%) $308,263 (0.5%) 0.00 139
    2022-08-01 $194,925 (4.0%) $314,794 (4.2%) 0.00 123
    2022-09-01 $189,975 (-4.5%) $291,761 (-7.5%) 0.00 129
    2022-10-01 $197,250 (1.2%) $289,822 (-7.0%) 0.00 129
    2022-11-01 $195,000 (5.4%) $294,056 (-6.4%) 0.00 126
    2022-12-01 $197,000 (11.9%) $311,680 (1.1%) 0.00 124
    2023-01-01 $220,000 (20.6%) $329,716 (-0.3%) 0.00 124
    2023-02-01 $215,950 (16.7%) $322,707 (-7.3%) 0.00 125
    2023-03-01 $226,400 (14.8%) $341,344 (-0.4%) 0.00 128
    2023-04-01 $235,000 (20.5%) $348,744 (4.8%) 0.00 132
    2023-05-01 $224,975 (17.1%) $343,249 (12.9%) 0.00 139
    2023-06-01 $227,000 (5.0%) $355,946 (10.4%) 0.00 151
    2023-07-01 $225,000 (7.1%) $357,866 (16.1%) 0.00 153
    2023-08-01 $217,625 (11.7%) $346,612 (10.1%) 0.00 166
    2023-09-01 $225,000 (18.4%) $358,500 (22.9%) 0.00 169
    2023-10-01 $238,825 (21.1%) $366,664 (26.5%) 0.00 165
    2023-11-01 $232,075 (19.0%) $355,723 (21.0%) 0.00 166
    2023-12-01 $227,450 (15.5%) $351,202 (12.7%) 0.00 147
    2024-01-01 $246,500 (12.1%) $366,001 (11.0%) 0.00 141
    2024-02-01 $263,700 (22.1%) $388,269 (20.3%) 0.00 138
    2024-03-01 $272,000 (20.1%) $386,469 (13.2%) 0.00 161
    Natchez's median listing price for 2024-03-01 was $272,000, a difference of $45,600 (20.1%) versus the prior year and $8,300 versus the prior month.

    Natchez's median listing price comes in at 0% of the national average.

    Natchez's average listing price for 2024-03-01 was $386,469, a difference of $45,125 (13.2%) versus the prior year and $-1,800 versus the prior month.

    For the 2024-03-01 period, Natchez had 161 MLS listings, a difference of 23 listings (17%) versus the prior month and 33 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Natchez (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,146 sqft
    2018-02-01 0 days 2,151 sqft
    2018-03-01 0 days 2,030 sqft
    2018-04-01 0 days 2,043 sqft
    2018-05-01 0 days 2,000 sqft
    2018-06-01 0 days 1,995 sqft
    2018-07-01 0 days 1,940 sqft
    2018-08-01 0 days 1,961 sqft
    2018-09-01 0 days 1,968 sqft
    2018-10-01 0 days 1,998 sqft
    2018-11-01 0 days 1,954 sqft
    2018-12-01 0 days 1,961 sqft
    2019-01-01 0 days 1,933 sqft
    2019-02-01 0 days 1,943 sqft
    2019-03-01 0 days 1,977 sqft
    2019-04-01 0 days 1,969 sqft
    2019-05-01 0 days 1,999 sqft
    2019-06-01 0 days 1,992 sqft
    2019-07-01 0 days 1,984 sqft
    2019-08-01 0 days 1,966 sqft
    2019-09-01 0 days 1,944 sqft
    2019-10-01 0 days 1,925 sqft
    2019-11-01 0 days 1,952 sqft
    2019-12-01 0 days 1,951 sqft
    2020-01-01 0 days 1,965 sqft
    2020-02-01 0 days 1,975 sqft
    2020-03-01 0 days 2,005 sqft
    2020-04-01 0 days 2,001 sqft
    2020-05-01 0 days 1,998 sqft
    2020-06-01 0 days 2,084 sqft
    2020-07-01 0 days 2,085 sqft
    2020-08-01 0 days 2,063 sqft
    2020-09-01 0 days 2,048 sqft
    2020-10-01 0 days 2,045 sqft
    2020-11-01 0 days 2,063 sqft
    2020-12-01 0 days 2,051 sqft
    2021-01-01 0 days 2,068 sqft
    2021-02-01 0 days 2,038 sqft
    2021-03-01 0 days 2,024 sqft
    2021-04-01 0 days 1,919 sqft
    2021-05-01 0 days 1,881 sqft
    2021-06-01 0 days 1,902 sqft
    2021-07-01 0 days 1,927 sqft
    2021-08-01 0 days 1,950 sqft
    2021-09-01 0 days 1,977 sqft
    2021-10-01 0 days 1,930 sqft
    2021-11-01 0 days 1,932 sqft
    2021-12-01 0 days 1,906 sqft
    2022-01-01 0 days 1,965 sqft
    2022-02-01 0 days 2,212 sqft
    2022-03-01 0 days 2,252 sqft
    2022-04-01 0 days 2,133 sqft
    2022-05-01 0 days 2,012 sqft
    2022-06-01 0 days 2,177 sqft
    2022-07-01 0 days 2,130 sqft
    2022-08-01 0 days 1,906 sqft
    2022-09-01 0 days 1,862 sqft
    2022-10-01 0 days 1,849 sqft
    2022-11-01 0 days 1,891 sqft
    2022-12-01 0 days 1,891 sqft
    2023-01-01 0 days 2,031 sqft
    2023-02-01 0 days 2,016 sqft
    2023-03-01 0 days 2,033 sqft
    2023-04-01 0 days 2,200 sqft
    2023-05-01 0 days 2,133 sqft
    2023-06-01 0 days 2,133 sqft
    2023-07-01 0 days 2,053 sqft
    2023-08-01 0 days 2,003 sqft
    2023-09-01 0 days 2,248 sqft
    2023-10-01 0 days 2,281 sqft
    2023-11-01 0 days 2,288 sqft
    2023-12-01 0 days 2,248 sqft
    2024-01-01 0 days 2,279 sqft
    2024-02-01 0 days 2,295 sqft
    2024-03-01 0 days 2,374 sqft
    Natchez's median listing age (time on market) for 2024-03-01 was 0 days.

    Natchez's median square footage for active listings during the 2024-03-01 period was 2,374 sqft. One year prior, the average listing was 2,033 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).